How do I choose a payday loan provider?

The most important part of the payday loan transaction is you. A payday loan provider should be up front with all their rates, freely volunteer their lending practices, and comply with all state laws. You should feel confident that information you provide is secure, and that the business is looking out for the best interests of its customers. Here’s what to look for in a payday advance loan provider.

Membership in the CFSA
The Community Financial Services Association of America (CFSA) is the nation’s only promoter of responsibility and integrity in the payday loan industry. A reputable payday lender will prominently display the CFSA seal in their stores and on their website. This means that lender has committed to upholding a strict set of best practices for the most beneficial, responsible payday loan experience possible. Look for the CFSA seal while considering a lender.

Full Disclosure
CFSA payday loan providers agree to full disclosure, meaning that all rates, terms and fees will be explicitly outlined in the contract between you and that lender. There should be no unexpected charges and no hidden costs when borrowing from a CFSA loan provider. As with any contracted agreement, however, always take the time to review the terms prior to signing.

Compliance with All State Laws
Payday loan providers with the CFSA seal have committed to abide by the laws of each and every state where they do business, whether in-store or online. This is especially important for online payday lenders whose home office may not be in your state. Some less reputable lenders may claim the most convenient, lucrative “home” for their business, leaving you to deal with fees and charges that exceed what is allowed by your home state.

When dealing with an online payday lender, always check for a physical address. Always verify that the lender has additional contact information, like a phone number and mailing address, and not just an email address. Never sign a payday loan agreement until you have confirmed that you are dealing with a reputable payday lender. Of course, one of the easiest ways to establish this is to confirm that the lender is a member of the CFSA, like Check ‘n Go.

Learn more about payday loan industry best practices.